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1Q 2019 Earnings Presentation – Vaalco Energy Inc.

Vaalco Energy Inc. · May 9, 2019 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 1
    NYSE:EGY Building the Future from a Strong Foundation 1st Quarter 2019 Supplemental Update
  2. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 2
    Premier International Operator Strong Balance Sheet and Poised for Growth NYSE:EGY Block P Houston-based E&P operator of established Working Interest 31.0% 57,000 gross acres shallow-water international properties 18,000 net…
  3. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 3
    VAALCO Strategy Building the Future from a Strong Foundation NYSE:EGY Vision 2025 Premier Africa Operator with a diversified portfolio, 5X Growth from 2019 (Reserves/Production/Value), top quartile TSR Stakeholder Operational…
  4. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 4
    Delivering Value Through Execution Maintain Strong Cash Flow and Income Generation NYSE:EGY Finalized Etame Marin PSC extension, increasing the term of the three existing exploitation authorizations to September 16, 2028, with 2…
  5. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 5
    VAALCO Year End 2018 Reserves NYSE:EGY 5.4 MMBO Net Proved Reserves for YE-2018 9.7 MMBO Net Proved + Probable (2P) Reserves for YE-2018 Replaced 270% of 2018 Production 6.0 Net Proved Reserves, MMBO 5.0 1.1 5.4 4.0 3.0…
  6. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 6
    Repeatable Track Record of Success Continuing to Create Value at Etame NYSE:EGY Etame Opportunities 2019 development program o Drill at least two development wells o Drill two appraisal well bores 2020+ additional drilling…
  7. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 7
    NYSE:EGY OPERATIONAL OVERVIEW
  8. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 8
    VAALCO Offshore Gabon Etame Reservoirs NYSE:EGY Located in Prolific South Gabon basin in shallow water (85m) Numerous undrilled opportunities at moderate drilling depths (1800m TVD to 2900m TVD) Continuous overlying salt sheet…
  9. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 9
    VAALCO Etame Offshore License NYSE:EGY Operator with 31.1% WI and 27.1% NRI (net of royalty) Joint Owners: Sinopec (Addax), Sasol, PetroEnergy and Tullow Current producing wells: 12.5 MMBO of proved and 7.7 MMBO probable gross…
  10. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 10
    2019 Development Program Profitable Growth Funded Internally NYSE:EGY 2019 Drilling Commitment 2 Development Wells and 2 Appraisal Well Bores 2019 Development Drilling Locations Etame Platform 9H well: Gamba horizontal between the…
  11. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 11
    2019 Drilling Program: Etame Field Main Fault Block Development NYSE:EGY The Etame-9H is a horizontal development well offsetting the Etame-4H and Etame-6H Reserve potential: 4.8 MMBO gross 2P 1.3 MMBO net 2P Estimated…
  12. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 12
    2019 Drilling Program: SE Etame Fault Compartment/Step Out Area NYSE:EGY SE Etame 4P appraisal well bore will evaluate the Step Out area, interpreted as an extension from the SE Etame 2H The SE Etame 4H will be drilled into the…
  13. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 13
    2019 Drilling Program: South Tchibala North Extension Area NYSE:EGY Gamba reservoir north of the South Tchibala 1H is currently undeveloped South Tchibala 3H will be South Tchibala 3H drilled as a high angle development well…
  14. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 14
    Additional Etame Gamba Opportunities NYSE:EGY Additional Prospective Locations: SEENT Platform: Three Gamba wells (7.7 MMBO) Avouma Platform: One Gamba well (2.1 MMBO) Leads: Provide significant upside opportunities Additional…
  15. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 15
    Additional Etame Dentale Opportunities NYSE:EGY Additional Prospective Opportunities: Etame Platform: Six Dentale infills (10.2 MMBO) SEENT Platform: Three Dentale infills (4.5 MMBO) Avouma Platform: Two Dentale infills (3.5…
  16. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 16
    Potential Crude Sweetening Project (CSP) NYSE:EGY 3 wells drilled and shut in due to H2S in Ebouri and Etame fields Ebouri 3H and Ebouri 4H existing wells: 5.3 MMBO gross contingent resource Initial tests of 800 1,500 gross BOPD…
  17. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 17
    Etame Marin Gross Contingent Resources Upside Resources Beyond 2028 NYSE:EGY Etame Marin Contingent Resources (2C) Etame Platform: 3.9 MMBO SEENT Platform: 0.5 MMBO Avouma Platform: 7.2 MMBO Ebouri Platform: 1.2 MMBO…
  18. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 18
    Equatorial Guinea: Significant Upside Potential NYSE:EGY 20+ million BOE gross resource discovery with 31% W.I as operator Block P suspension lifted; awaiting approval of transfer of GEPetrols WI EGY will seek partner on a…
  19. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 19
    NYSE:EGY FINANCIAL OVERVIEW
  20. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 20
    VAALCO Free Cash Flow Overview (2019E) Maintain Strong Cash Flow and Income Generation NYSE:EGY 2019 Operational Margin Per Barrel 2019 Free Cash Flow Per Barrel 70.00 70.00 19.5 60.00 28.1 60.00 11.0 19.6 1.7 2.5 1.7 3.3…
  21. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 21
    Key Performance Metrics Strong Consistent Results NYSE:EGY Production by Quarter Adjusted EBITDAX 4,500 3rd party DT 20 4,000 200 BO/d 16.9 16.0 3,500 15 3,000 2,500 9.7 BOPD MM 10 8.8 2,000 4,120 3,549 3,717 3,496…
  22. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 22
    Working Capital From Continuing Operations Liquidity Position Continues to Improve NYSE:EGY 40.0 80.00 35.0 33.8 70.00 29.7 30.0 60.00 25.0 50.00 per barrel Millions 20.0 40.00 15.0 15.0 13.0 13.3 30.00 11.0 10.2…
  23. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 23
    2019 Full Year Guidance (As of May 9, 2019) NYSE:EGY Production (BOPD) 3,300 3,900* *2nd Quarter 3,600 3,800 Production Expense(1) 36 - 42 MM* (26.00 - 30.00 per BO) *2nd Quarter Guidance (27.00 - 31.00 per BO) Workovers*…
  24. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 24
    NYSE:EGY APPENDIX
  25. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 25
    NON-GAAP MEASURES NYSE:EGY Adjusted EBITDAX is a supplemental non-GAAP financial measure used by VAALCOs management and by external users of the Companys financial statements, such as industry analysts, lenders, rating agencies,…
  26. 1Q 2019 Earnings Presentation – Vaalco Energy Inc. – slide 26
    Non-GAAP Reconciliations NYSE:EGY 1 Excludes current assets and current liabilities attributable to discontinued operations and lease liabilities 27

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